Rep. Maxine Waters’ reputation as a far-left loon who will do anything for power isn’t going away anytime soon. She just got what she deserved, and it’s over for her.
Waters, as chair of the House Financial Services Committee, held a hearing on the student loan crisis. The heads of major banks were present, and she tried to blame them for massive student debt. Here’s the problem: None of the banks present were involved in students loans due to the government takeover.
“Today, there are more than 44 million Americans that owe — there’s a student loan crisis. $1.56 trillion in student debt,” said Waters. She also said that “one million student loan borrowers defaulted” last year and the year before.
“What are you guys doing to help us with the student loan debt? Who would like to answer first?” Waters then asked. You could’ve heard crickets in the room until Waters called on Bank of America CEO Brian T. Moynihan.
Moynihan answered, “We stopped making student loans in 2007 or so.” Other banks said that they abandoned student lending as well, with JPMorgan Chase CEO Jamie Dimon saying, “When the government took over student lending in 2010 or so, we stopped doing all student lending.”
Since the federal government’s takeover of student lending, which was championed by then-President Barack Obama, about $1 trillion has been added to the student debt total. Waters chairs the committee that regulates the banks and it’s embarrassing she didn’t know. It’s time for her to resign.
Read the full story here.